Morgan Stanley Fixed-Global Macro Commentary April 9-107484086

MApril9,202410:29PMGMTMorganStanley&Co.LLCUpdateGlobalMacroCommentaryGlobalMartinWTobias,CFA+1212761-6076+44207425-9781April9StrategistMartin.Tobias@morganstanley.com+1212761-4703Treasuriesgrindricheronoptimismforshelterreset;Gross+1212761-2779reductiondrivesequityinternals;USDlackstrend,CHFgains;MorganStanley&Co.Internationalplc++8136836-8428CADweakensagainstmostG10peersbeforeBoC;MXNlagson+8522239-7983softMexicoCPI;Bosticreiteratesbaseline,signalsflexibility;DXYDominicJKrummenacherat104.11(-0.0%);US10yat4.362%(-5.8bp).Strategist•Treasuriesgrindricherthroughapoor$58bn3yUSTauctionaheadDominic.Krummenacher@morganstanley.comofMarchUSCPI,optimismbuildsforalong-awaitedeventualstep-downinshelterinflation.MorganStanley&Co.LLC•ReductioningrossexposurebeforeCPIshapesequitymarketEliPCarterdynamicsasmutedindexlevelperformance(S&P500:+0.14%)maskssharpmovesinthemomentumfactor.StrategistEli.Carter@morganstanley.com•USdollarstrugglesfordirection,allowingCHF(+0.2%)totakethereinsamongsafe-havencurrencies.LenoyDujon•CADmatchesUSdollarweaknessaheadoftheAprilBankofCanadaUS/CanadaEconomistmeeting,whereoureconomistsexpectthepolicyratetoremainatLenoy.Dujon@morganstanley.com5.00%(C:5.00%).MorganStanleyMUFGSecuritiesCo.,Ltd.+•MXN(-0.5%)retracesfromitsstrongestlevelagainsttheUSdollarsince2015,afterMexicoCPIcomesinlower-than-expec...